Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2018 , Jim Lukawitz is 31 . He was hired by Prince at age 25 (6 years ago) and is expected to retire at age 62 . The expected postretirement benefit obligation for Lukawitz at the end of 2018 is $\$ 50,000$ and $\$ 54,000$ at the end of 2019. Calculate the accumulated postretirement benefit obligation at the end of 2018 and 2019 and the service cost for 2018 and 2019 , as pertaining to Lukawitz.

Stacy was a stay-at-home mom for most of her adult life. At age 46, she started working outside the home. Each year she earns the maximum number of Social Security credits. Until what age must she work to qualify to receive Social Security benefits when she retires?

In 1980, the amount of earnings required to earn one Social Security credit was $290. Back then, Mike earned$55 per week. How many credits did he earn in 1980?

Pension plan assets were $80 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, retiree benefits paid by the trustee were$6 million and cash invested in the pension fund was $7 million. What was the amount of the pension plan assets at year-end?

Andrews Medical reported a net loss–AOCI in last year’s balance sheet. This year, the company revised its estimate of future salary levels causing its PBO estimate to decline by $4 million. Also, the$8 million actual return on plan assets fell short of the $9 million expected return. How does this gain and loss affect Andrews’ income statement, statement of comprehensive income, and balance sheet?

The Warren Group’s pension expense is $67 million. This amount includes a$70 million service cost, a $50 million interest cost, a$55 million reduction for the expected return on plan assets, and a $2 million amortization of a prior service cost. How is the net pension liability affected when the pension expense is recorded?

In Rodger’s state, unemployment compensation is calculated by finding the total of the quarterly wages of two consecutive quarters and dividing by 26. The weekly unemployment is 65% of that amount. In the quarter of January, February, and March, Rodger made a total of $13,950.80. In the quarter of April, May, and June, he made a total of$14,250.10. Find Rodger’s weekly unemployment amount.

As part of their employee benefits, all workers at Middletown Electronics receive a pension that is calculated by multiplying the number of years worked times 1.65% of the average of their three highest years’ salary. Maureen has worked for Middletown for 27 years and is retiring. Her highest salaries are $97,000,$97,800, and $98,198. Calculate Maureen’s pension.

Eddie is a plant manager at North Salem Construction Company. He has been employed there for 20 years and will be retiring at the end of this year. His pension is calculated on the average of his last four years’ salaries. In those years, he earned $82,000,$96,000, $105,000, and$109,000. His employer will give him 1.2% of that average for each year he worked. Calculate Eddie’s pension.

Eddie is a plant manager at North Salem Construction Company. He has been employed there for 20 years and will be retiring at the end of this year. His pension is calculated on the average of his last 4 years' salaries. In those years, he earned $82,000;$96,000; $105,000; and$109,000. His employer will credit him 1.2% of that average for each year he worked. Calculate Eddie's pension.

At Richardson Manufacturing Company, there are two factors that determine the cost of health care. If an employee makes less than $55,000 per year, he pays$40 per month for individual coverage and $85 per month for family coverage. If an employee makes at least$55,000 per year, individual coverage is $70 per month and family coverage is$165 per month. Arielle is an office assistant at Richardson. She makes $47,700 per year. She has individual health care. Her yearly contribution is 5% of the total cost. How much does her employer contribute?

At Richardson Manufacturing Company, there are two factors that determine the cost of health care. If an employee makes less than $55,000 per year, he pays$40 per month for individual coverage and $85 per month for family coverage. If an employee makes at least$55,000 per year, individual coverage is $70 per month and family coverage is$165 per month. Catherine is a department manager at Richardson. Her annual salary is $68,300. She has family health care. Her employer contributes$935 per month towards her total coverage cost. What percent does Catherine contribute toward the total coverage?

At Richardson Manufacturing Company, there are two factors that determine the cost of health care. If an employee makes less than $55,000 per year, he pays$60 per month for individual coverage and $115 per month for family coverage. If an employee makes at least$55,000 per year, individual coverage is $90 per month and family coverage is$165 per month. Arielle is an office assistant at Richardson. She makes $47,700 per year. She has individual health care. Her yearly contribution is 5% of the total cost of the health care policy. How much does her employer contribute?

Ruth contributes 18% of the total cost of her individual health care. This is a $67.50 deduction from each of her biweekly paychecks. What is the total value of her individual coverage for the year?